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FxWirePro- Nikkei 225 Daily Outlook

Nikkei pared some of its gains on the strong yen. It hit a high of 37054  and is currently trading around 36310.

 

Markets eye US Fed monetary policy for further direction.

 

The index holds below the short-term 34 and above 55 EMA and below the long-term moving average (200- EMA) in the 4-hour chart.

 

The near-term resistance is around 37147, any violation above will take the index to  37360 (200-4H EMA)/37500/37695/38000—overall bullish continuation only above 42550.

 

On the lower side, immediate support stands around 36175, any breach below will drag the index down to 36000/35870/35576/35395—further bearishness only below 35000.

 

Indicator (4- hour chart)

 

CCI (14)- Bullish

 

CCI (50)- Neutral

 

Average directional movement Index - Neutral

 

It is good to sell on rallies around 36980-37000 with SL around 37500 for TP of 35000.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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